One of the founding concepts of libertarian capitalism is caveat emptor, which means:
a. truth in advertising.
b. let the buyer beware.
c. always maximize profits.
d. sales potential.
The GATT dispute panel found that Thailand’s regulations on the importation of
cigarettes was justified.
a. True
b. False
When determining whether personal jurisdiction offends “traditional notions of fair play
and substantial justice,” the court evaluates several factors, including:
a. Burden on the defendant.
b. The plaintiff’s interest in having a convenient forum.
c. The forum’s legitimate interests in the dispute.
d. Two of the above.
e. All of the above.
Which three countries are notable because few, if any, treaties have direct effect there,
and thus require parliamentary action before they are enforceable by private parties?
a. United Kingdom, Canada, and Australia
b. United Kingdom, Canada, and the United States
c. Canada, Australia, and China
d. United Kingdom, France, and Germany
The European General Court was established to reduce the workload of the Court of
Justice and it has jurisdiction over appeals on the Commission’s decisions on mergers
and acquisitions.
a. True
b. False
Islamic law is known as:
a. Sharia.
b. Koran.
c. Sunna.
d. Fiqh.
When an international seller and buyer negotiate a sales contract, they have the option
to “opt out” of CISG.
a. True
b. False
A self-executing treaty is one that automatically creates rights that are enforceable in
the courts of a contracting nation, without any further legislative action.
a. True
b. False
China’s manipulation of the yuan to remain undervalued compared to the U.S. Dollar is
a price mechanism to enhance the value to Chinese goods.
a. True
b. False
Public international law involves:
a. Relationships between public corporations in different countries as to business terms.
b. Relationships between nations that are reflected in treaties, conventions, or charters.
c. Relationships between private individuals in different countries.
d. All of the above.
Intellectual property rights in some countries are not protected because:
a. Some countries actually encourage their citizens to violate the property rights of
foreigners because it is economically advantageous to do so.
b. Some countries that have intellectual property laws fail to enforce them.
c. Some countries enforce their intellectual property laws in a discriminatory fashion.
d. All of the above.
Which of the following statements is true regarding trade in agriculture?
a. The United States exports almost 50 percent of its agricultural production.
b. In general, governments let agricultural markets operate on the free trade principle.
c. Nations do not mind being reliant on other countries for their food supply.
d. Most countries impose strict restrictions on both raw and processed food products.
A, a New York firm, sends a purchase order to B in Sweden. A standard clause on the
purchase order states that “All disputes are to be heard in the courts of New York.” B
confirms using its standard form, which states that “all disputes are to be resolved in
arbitration before the ICC, Sweden.” Under the CISG:
a. A contract exists on A’s terms because B’s terms were a material alteration and do not
become a part of the contract.
b. A contract exists on B’s terms because the modification is immaterial.
c. No contract exists because B’s terms were a counteroffer that was not accepted by A.
d. A contract exists because A did not promptly object to the new terms.
OPIC insurance is provided to U.S. firms operating abroad by private American
insurance companies.
a. True
b. False
“Blocking Legislation” in international antitrust action refers to:
a. Laws that block certain goods from entering a country.
b. Provisions that prevent the discovery of documents by foreign countries and bar
enforcement.
c. Setting aside certain blocks of businesses exempt from antitrust laws.
d. None of the above.
In the European Court of Justice,
a. Decisions are issued without dissenting opinions.
b. Justices are appointed for life.
c. Civil law traditions, more than common law traditions, are followed.
d. A, B, and C.
e. A and C only.
In order to qualify as a foreign sales corporation under U.S. tax law, the company must
have management outside of the United States in one of the less developed countries
approved by the Department of Treasury.
a. True
b. False
Which of the following is NOT one of the crimes generally covered by the universal
principle of jurisdiction?
a. piracy
b. war crimes
c. slavery
d. money laundering
The appropriate EU court with original jurisdiction to hear complaints about violation
of the European Convention on Human Rights and the Anti-Torture Convention.
a. International Court of Justice
b. European Court of Justice
c. International Criminal Court
d. European Court of Human Rights
An example of the GATT/WTO dispute settlement mechanism, Apple can file a
complaint against Niger’s government non tariff barrier to limit the importation of iPads
to the WTO’s Dispute Settlement Body.
a. True
b. False
Under U.S. antitrust law, certain mergers and joint venture agreements must be brought
before whom before they are concluded?
a. Congress.
b. President.
c. Federal Trade Commission.
d. Department of Justice.
Article 16, of the CISG an effective acceptance is effective when it reaches the offeror.
a. True
b. False
The concept that runs throughout the GATT requires that the products of all nations be
treated equally and without discrimination by importing nations. This is the principal
behind:
a. Nullification and impairment.
b. Most-favored-nation trade.
c. Ad valorem tariffs.
d. Nontariff trade barriers.